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As small businesses grow, transitioning to a corporate credit card may become a necessity. Such cards can offer enhanced expense management and relieve owners of personal liability. However, the process involves meeting specific criteria and providing detailed financial information.
Business owners considering this shift should be prepared to share financial data with issuers. Not all businesses qualify for corporate credit cards; some issuers require minimum revenue benchmarks and an established business credit score. "American Express, for example, requires your company to have grossed more than $4 million in the previous fiscal year — and you can't be classified as a sole proprietorship."
Issuers typically ask for recent audited financial statements, company structure details, tax information including a federal tax ID, and contact information for an authorizing officer.
